Here is What You Need to Know About Personal Injury Settlement Loans
The average person is not going to walk into a store or any other type of public establishment with the intention of slipping and falling. Slip and fall accidents are no laughing matter and depending on the type of injury a person sustains from one slipping and falling in a store or other entity can have long term ramifications. Slip and fall accidents are more common than most people realize. Over a million people are injured as a result of a slip and fall accident, and over 17,000 people lose their lives as the result of slip and falls each year in the United States according to the CDC.
When a person is injured, the last thing they need to think about is how their bills are going to be paid, and if they have enough money to take care of their basic needs while they wait on a settlement of their claim. Oftentimes the injured party of a slip and fall accident will accept a settlement that is not representative of the pain and suffering they endured because they are in need of money. Personal injury settlement loans for slip and fall accidents have helped countless numbers of people get the settlement they deserve when a property owner is liable.
People who have been injured through no fault of their own are entitled to payment to account for the pain and suffering they endured. People who are injured need to be able to take care of their financial obligations, so they can keep their stress levels down, and spend their time and energy concentrating on betting better. If they are rendered unable to work, they need a security net. The average slip and fall case can take years to travel through the legal system. Slip and fall personal injury loans can ease the financial burden of the victim and give them the security they need to heal.
It is fairly easy to qualify for a personal injury settlement loan. Eligibility for these types of loans is based on the following criteria: there must be an injury sustained as the result of a slip and fall accident, the person seeking the loan has an attorney and has filed a case with the courts, and there must be a demonstration of need to get an advance on the funds expected through a settlement payout.
People with less than perfect credit should not shy away from applying for a personal injury settlement loan, because these types of loans differ from personal loans. A person’s credit score is not a factor in the decision process in terms of whether a person is approved or not. The underwriters of accident injury loans are not interested in a person’s credit history. Each loan is based on whatever the estimated value is of the case. It should also be noted that well-known companies that fund lawsuit loans do not pull credit reports, so that generally makes the lending process much easier for people who have less than perfect credit.
In addition, the following criteria must also be met to qualify for this type of loan:
- The claimant must be at least 18 years of age
- The claimant received and or is undergoing medical treatment
- The claimant must be a resident of the United States
People who are planning to apply for a personal injury settlement loan should think about how much money they would need to get by. In other words, they should review their monthly budget to come up with a number that is reasonable. Just with any other loan people should borrow responsibly.
Potential borrowers of personal injury settlement loans should sit down with their attorney to discuss the estimated value of their case. They should also seek an answer in regard to the estimated time they think it will take to settle the case. There are two things people need to keep in mind when they speak with their attorney. The first thing is that the attorney cannot give you the exact time or the date the case will be settled. They have no way of knowing what the other party will do, or how long they will prolong settling the case. Claimants should also remember that they are always in the driver’s seat when it comes to personal injury settlements. A claimant can ask their attorney to settle their case at any given time.
Benefits Associated with Personal Injury Settlement Loans and Qualifying Injuries
There are a host of benefits relating to accident settlement loans besides the fact that they have an easy application process, and they require no credit check. Some of them include lower interest rates, no out of pocket expenses, better terms on loans, they are processed quickly and there is no obligation to pay off the loan if the claimant loses their case.
There are a number of slip and fall injuries that qualify for pre-settlement funding some of these include, but are not limited to the following:
- A fractured clavicle
- Soft tissue injuries
- Hip fractures
- Facial injuries
- Back injuries
- Herniated disc injuries
- Traumatic brain injuries
- Eye injuries
- Meniscus tears
- Head injuries
- Tailbone fractures
- Neck Injuries
- Spinal cord injuries